3 Light Commercial Vehicles, Instrument Clusters and Sensors, and Automotive Lighting Stocks With a Strong Future Roadmap: Force Motors, Pricol and Varroc Engineering
- October 22, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
Force Motors, Pricol and Varroc Engineering: ROE of 14.3% to 25.2% and FY22 to FY26 revenue CAGR of 11.0% to 29.2%. Prices as of 21 Oct 2026.
Quick Answer
The three vehicle, lighting and instrument cluster stocks to watch are Force Motors, Pricol and Varroc Engineering. Their return on equity ranges from 14.3% to 25.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.0% to 29.2%. Force Motors leads on both return on equity at 25.2% and revenue growth at 29.2% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.
Vehicle, lighting and instrument cluster stocks let investors follow makers of vehicles and the parts drivers see and use. Force Motors, Pricol and Varroc Engineering cover light commercial vehicles, instrument clusters and sensors, and automotive lighting.
This list covers three vehicle, lighting and instrument cluster stocks with complete current figures: Force Motors, Pricol and Varroc Engineering. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.
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What Are Vehicle, Lighting and Instrument Cluster Stocks?
Vehicle, lighting and instrument cluster stocks are listed companies that make vehicles, driver information systems and lighting for vehicle makers. Their earnings depend on vehicle output, content per vehicle and export orders.
Vehicle, Lighting and Instrument Cluster Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Force Motors | 16,885 | 23,296 | 18.6 | 24.1 | 25.2 | 0.00 |
| Pricol | 659.6 | 8,072 | 30.1 | 36.9 | 20.0 | 0.30 |
| Varroc Engineering | 796.75 | 12,256 | 61.2 | 36.9 | 14.3 | 0.52 |
On valuation, Force Motors and Pricol trade at a P/E below the industry P/E, while Varroc Engineering trades above it, which reflects the growth the market already expects. Readers comparing vehicle, lighting and instrument cluster stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Vehicle, Lighting and Instrument Cluster Stocks Have a Strong Roadmap in India?
Vehicle, lighting and instrument cluster stocks have a strong roadmap in India because rising vehicle output, digital dashboards and LED lighting are increasing the value of parts in each vehicle.
- Digital dashboards. Vehicle makers are fitting more digital clusters and sensors.
- LED lighting. Advanced lamps are spreading across models.
- Utility vehicles. Demand for tempo travellers and utility vehicles stays steady.
Why Force Motors Features Among These Vehicle, Lighting and Instrument Cluster Stocks
Among the vehicle, lighting and instrument cluster stocks on this list, Force Motors, based in Pune, makes light commercial vehicles such as the Traveller and Gurkha, and supplies engines and axles to global carmakers.
In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%.
Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P/E of 18.6, below the industry P/E of 24.1.
Roadmap: Its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.
What to watch: Track order flow from state transport and defence customers.
Why Pricol Features Among These Vehicle, Lighting and Instrument Cluster Stocks
Among the light commercial vehicle shares on this list, Pricol, based in Coimbatore, makes instrument clusters, driver information systems, sensors and pumps for two-wheelers, commercial vehicles and off-highway vehicles.
The company has a return on equity of 20.0%, a debt to equity ratio of 0.30 and a market capitalisation of Rs 8,072 crore. The stock trades at a P/E of 30.1, below the industry P/E of 36.9.
Revenue rose from Rs 1,554 crore in FY22 to Rs 4,052 crore in FY26, a compound annual growth rate of 27.1%. Net profit grew from Rs 51.1 crore in FY22 to Rs 251 crore in FY26, which works out to a compound annual growth rate of 48.8%. In the June 2026 quarter, revenue grew 23.4% year on year to Rs 1,108 crore, while net profit rose 34.3% to Rs 67.0 crore.
Roadmap: Digital clusters and connected vehicle systems carry higher value per vehicle than the analogue gauges they replace. Pricol is also expanding into electric vehicle components and exports, and widening its non-auto business to reduce cyclicality.
What to watch: Track the shift to digital clusters and the progress of new product ramp-ups.
Why Varroc Engineering Features Among These Vehicle, Lighting and Instrument Cluster Stocks
Among the three companies on this list, Varroc Engineering is a Maharashtra-based automotive component maker with a focus on exterior lighting systems, electrical and electronic parts and polymer products for two-wheeler, passenger car and commercial vehicle makers across the world.
Revenue rose from Rs 5,878 crore in FY22 to Rs 8,917 crore in FY26, a compound annual growth rate of 11.0%. Net profit for FY26 was Rs 230 crore, a net margin of 2.6%.
In the June 2026 quarter, revenue grew 29.9% year on year to Rs 2,640 crore. The company has a return on equity of 14.3%, a debt to equity ratio of 0.52 and a market capitalisation of Rs 12,256 crore. The stock trades at a P/E of 61.2, above the industry P/E of 36.9.
Roadmap: The company is growing its lighting business with advanced LED products and increasing content per vehicle in India and overseas. Orders from vehicle makers, including electric vehicle programmes, give visibility on future volumes.
What to watch: Monitor order wins in lighting and the growth of content per vehicle.
Force Motors vs Pricol vs Varroc Engineering on Key Financials
The table below sets the three vehicle, lighting and instrument cluster stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Force Motors | 3,292 | 9,168 | 29.2% | 1,212 | 13.2% |
| Pricol | 1,554 | 4,052 | 27.1% | 251 | 6.2% |
| Varroc Engineering | 5,878 | 8,917 | 11.0% | 230 | 2.6% |
Force Motors posts the highest return on equity in this group at 25.2%. Force Motors combines the largest FY26 revenue at Rs 9,168 crore with the fastest revenue growth, a 29.2% compound annual rate. A useful habit with vehicle, lighting and instrument cluster stocks is to check each new quarterly result against the capacity plans the company described earlier.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| Force Motors | 2,322 | 2,478 | 6.7% |
| Pricol | 898 | 1,108 | 23.4% |
| Varroc Engineering | 2,033 | 2,640 | 29.9% |
Key Risks to Check Before Investing in Vehicle, Lighting and Instrument Cluster Stocks
Every theme carries risks that deserve a check before any decision. For these vehicle, lighting and instrument cluster stocks, the main points are: Long-term light commercial vehicle shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Auto cycle swings. Component demand can move with vehicle sales.
- Customer dependence. A few vehicle makers account for much of the orders.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter vehicle, lighting and instrument cluster stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Vehicle, Lighting and Instrument Cluster Stocks
Vehicle, lighting and instrument cluster stocks reward investors who follow production volumes, content per vehicle and margins together. Force Motors, Pricol and Varroc Engineering each serve vehicle makers differently. Based on the 21 October 2026 close, Force Motors trades at Rs 16,885, Pricol at Rs 659.6 and Varroc Engineering at Rs 796.75.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are vehicle, lighting and instrument cluster stocks?
Ans. Vehicle, lighting and instrument cluster stocks are listed companies that make vehicles, driver information systems and lighting for vehicle makers. Their earnings depend on vehicle output, content per vehicle and export orders. This list looks at three of them, Force Motors, Pricol and Varroc Engineering, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.
Which vehicle, lighting and instrument cluster stocks are covered in this list?
Ans. This list covers Force Motors, Pricol and Varroc Engineering. Based on the 21 October 2026 close, Force Motors traded at Rs 16,885, Pricol at Rs 659.6 and Varroc Engineering at Rs 796.75. Their return on equity ranges from 14.3% to 25.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.0% to 29.2%.
Why do vehicle, lighting and instrument cluster stocks have a strong future roadmap in India?
Ans. Vehicle, lighting and instrument cluster stocks have a strong roadmap in India because rising vehicle output, digital dashboards and LED lighting are increasing the value of parts in each vehicle. The main drivers are as follows. Digital dashboards. Vehicle makers are fitting more digital clusters and sensors. LED lighting. Advanced lamps are spreading across models. Utility vehicles. Demand for tempo travellers and utility vehicles stays steady. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Force Motors performed financially?
Ans. Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%. Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%. In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P/E of 18.6, below the industry P/E of 24.1. Looking ahead, its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.
How has Pricol performed financially?
Ans. Revenue rose from Rs 1,554 crore in FY22 to Rs 4,052 crore in FY26, a compound annual growth rate of 27.1%. Net profit grew from Rs 51.1 crore in FY22 to Rs 251 crore in FY26, which works out to a compound annual growth rate of 48.8%. In the June 2026 quarter, revenue grew 23.4% year on year to Rs 1,108 crore, while net profit rose 34.3% to Rs 67.0 crore. The company has a return on equity of 20.0%, a debt to equity ratio of 0.30 and a market capitalisation of Rs 8,072 crore. The stock trades at a P/E of 30.1, below the industry P/E of 36.9. Looking ahead, digital clusters and connected vehicle systems carry higher value per vehicle than the analogue gauges they replace. Pricol is also expanding into electric vehicle components and exports, and widening its non-auto business to reduce cyclicality.
How has Varroc Engineering performed financially?
Ans. Revenue rose from Rs 5,878 crore in FY22 to Rs 8,917 crore in FY26, a compound annual growth rate of 11.0%. Net profit for FY26 was Rs 230 crore, a net margin of 2.6%. In the June 2026 quarter, revenue grew 29.9% year on year to Rs 2,640 crore. The company has a return on equity of 14.3%, a debt to equity ratio of 0.52 and a market capitalisation of Rs 12,256 crore. The stock trades at a P/E of 61.2, above the industry P/E of 36.9. Looking ahead, the company is growing its lighting business with advanced LED products and increasing content per vehicle in India and overseas. Orders from vehicle makers, including electric vehicle programmes, give visibility on future volumes.
What risks should investors check before buying vehicle, lighting and instrument cluster stocks?
Ans. Investors should check a few risks before buying vehicle, lighting and instrument cluster stocks. Auto cycle swings. Component demand can move with vehicle sales. Customer dependence. A few vehicle makers account for much of the orders. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of vehicle, lighting and instrument cluster stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 21 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.